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TAP and Go Currency – winners and losers

I have been watching with a strange perversion the tap and go culture that has like many other things just become part of the day to day fabric.

You can try and get kids to eat greens, you can try and entice people to exercise more, you can market some products to an inch of their life and not get take up.

But “tap and go” is one I have looked at skeptically and made up in my mind that it would not work! I was sure that the banks would say we have been defrauded to a point that this just not work. Jokes on me – wrong again!

All i could see where the security of your card.  The potential defrauding as the retailer has no idea who you are or if it is your card, your mum’s card or you just stole it out of a car you saw with the window open!

The convenience though is frighteningly efficient. “want your receipt”? Not sure why they even ask any more. The punter is usually on to the next tap by the time the kid tapping it has looked up.

But as this SMH report attached and another insider told me this week the free tap and go actually costs someone between $0-40 and $0-95 cents. This time I am not wrong – some one has to pay for this and it is not the banks and any retailer that checks their monthly merchant fees are going to say “not me” either!

So back on the consumer it goes! But that is not the thing that gets me. I have started asking people how much their “tap” was and were they doing a manual calculation of their running tallies. I am yet to have someone say “of course – I budgeted $75 in taps this week and I am at $61 with my weekly top up coming again tomorrow!

Most don’t seem to check how much the transaction is, would not consider a running calculation and only really know how much they have in the bank when the tap says “no credit left” and it it then a rush to work out how they can top up the invisible money machine!

It is becoming increasingly harder to teach financial literacy but using cash flow properly when you are taking no notice of what is going out, what chance have you got? It is like taking the petrol gauge out of a car and putting in some petrol and driving for the week and see if it runs out or not. We all know it is far from ideal running out of fuel and it rarely ever happens outside a petrol station!


#cashflow #collectionconsultancyaustralia #letsgetsmarter


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